TPG raising $736.5m for yuan-denominated fund

TPG Capital has become the latest buyout firm to tap cash for the Chinese market

By

Dow Jones Newswires

August 23, 2010 1:21 pm GMT

TPG Capital said Monday it plans to raise CNY5bn (US$736.5m) for its first yuan-denominated private equity fund.

The fund, called TPG China Partners I, which is being raised with support from the Shanghai municipal government and the Pudong New Area government, will focus on medium- and large-sized Chinese companies, particularly those in financial services, consumer, retail, healthcare and other modern services industries, TPG Capital said. The firm plans to open an office in Shanghai's Pudong district.